The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
UALA LUMPUR, May 24 (Bernama) -- Bursa Malaysia closed the week lower today as investors engaged in mild profit-taking amid regional market weakness, a dealer said.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 9.78 points, or 0.60 per cent, to 1,619.40 from Thursday's close of 1,629.18.
The benchmark index, which opened 4.22 points weaker at 1,624.96, fluctuated between 1,614.83 and 1,624.96 throughout Friday’s trading session.
On the broader market, decliners outnumbered gainers 845 to 450, with 441 counters unchanged, 670 untraded and 10 suspended.
Turnover fell to 5.61 billion units worth RM4.58 billion, down from Thursday's 6.2 billion units worth RM4.67 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended lower following the selloff on Wall Street overnight.
He said positive United States (US) economic data, along with hawkish minutes from the Federal Reserve's last meeting, prompted traders to scale back their bets on rate cuts this year.
"The shift in expectations regarding US rates has driven yields higher, with the benchmark 10-year yield hitting 4.49 per cent yesterday," Thong told Bernama.
Regionally, Japan’s Nikkei 225 shed 1.17 per cent to 38,646.11, Hong Kong’s Hang Seng Index slid 1.38 per cent to 18,608.94, and South Korea’s Kospi lost 1.26 per cent to 2,687.60.
"On the domestic front, the benchmark index has extended its rally, surpassing the 1,620 mark for the first time in three years on Monday, signalling steady equities moving forward,” added Thong.
Among heavyweight stocks, Maybank slipped one sen to RM9.98, Public Bank shed three sen to RM4.17, Tenaga Nasional and CIMB were unchanged at RM13.10 and RM6.88, respectively, while Petronas Chemicals gained one sen to RM6.93.
Of the actives, AHB Holdings rose two sen to 19 sen, SNS Network added 2.5 sen to 65.5 sen, JCY International gained five sen to 45 sen, while MY E.G declined two sen to RM1.02 and YTL Power fell 43 sen to RM4.95.
Among the top gainers, Kuala Lumpur Kepong improved 34 sen to RM22.20, BLD Plantation inched up 30 sen to RM10.98, Hong Leong Industries gained 22 sen to RM11.80, Inari Amertron rose 21 sen to RM3.44, and Eurospan added 18 sen to RM1.70.
Among the top losers, Malaysian Pacific dipped 66 sen to RM38.50, British American slipped 61 sen to RM8.43, Petronas Dagangan fell 52 sen to RM19.90, Sam Engineering decreased 22 sen to RM6.03, and YTL Corp declined 20 sen to RM3.68.
Source: Bernama
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